NYC news station NY1 features EGF President, NYBDC clients
New York City-based news network NY1 aired a two-segment story about the rise of women-owned businesses. Excelsior Growth Fund President, Steve Cohen offered his outlook on the state of these businesses in New York’s most populous metropolitan area.
“Over the past 10 years, the numbers of women-owned businesses in the city has grown by 65%,” said Cohen, noting that New York City in particular has “the largest number of women-owned businesses of any city in the country.”
The story also featured Salty Road Taffy and Island Sensory Shoppe, which are women-owned business clients of New York Business Development Corporation (NYBDC), an EGF affiliate. Although many women-owned businesses enter lower-revenue industries, they have value, adding 65,000 jobs to New York City’s economy between 2002 and 2012. Funding for women-owned businesses is up 40% this year.
“We loaned approximately $8.5 million dollars to women-owned businesses last year,” said Steve Cohen, “which is about 40% of our portfolio.” With funding options like Excelsior Growth Fund on the rise for female entrepreneurs, the resulting benefits like job creation will likely do the same.
About Excelsior Growth Fund
At Excelsior Growth Fund (EGF), our mission is to help New York businesses grow by providing small business loans and advisory services. As a nonprofit organization and a U.S. Treasury-certified Community Development Financial Institution (CDFI), we’re a responsible lender you can trust. Our products are affordable and flexible, and our advisory services can help you reach your business goals.